Munich-based family office AM alpha has acquired a core office portfolio in Portugal known as the Beatles from an affiliate of Cerberus Capital Management.
Financial details were not disclosed.
AM Alpha acted on behalf of several institutional investors who are managed by a pension fund manager from Hamburg.
The acquisition comprises four office assets: three in Lisbon and one in Vila Nova de Gaia in Greater Porto. The four single-tenant assets are let to EDP, Anacom, Sonaecom and Teleperformance.
Martin Lemke, managing director at AM Alpha said: 'The successful completion of this transaction is further evidence of AM alpha’s execution capabilities and ability to source robust real estate opportunities.
'Within Europe, the Iberian region will continue to be a main focus for us and we will actively seek core and value-oriented investments across all sectors.'
The firm said that the buildings were all well-located in central Lisbon and adjacent to the river in Porto and represent a strong medium to long term income investment. The EDP and Anacom buildings are situated on Avenida José Malhoa in Lisbon, while the other Lisbon asset is located at Picoas Plaza off Avenida Fontes Pereira de Melo in the city centre.
This acquisition marks AM Alpha’s third foray into the Portuguese market, having already successfully completed the refurbishment and sale of an office building in the CBD as well as the acquisition of the BPlanet retail scheme on the south bank of Lisbon.
Is is also AM Alpha’s first core acquisition, according to the firm, demonstrating its faith in the future of the office market in Lisbon.
AM alpha was advised on the purchase by RPE, RRP Advogados and EY. The vendor was represented by JLL.
